碳酸锂：矿端存增量预期，仓单回升但总量偏低

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report focuses on the fundamentals of lithium carbonate, including price, volume, and inventory data, as well as macro and industry news, and the trend strength is neutral [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data of Lithium Carbonate - Futures Market: The closing prices of the 2509 and 2511 contracts increased, with the 2509 contract at 64,400 and the 2511 contract at 64,080. The trading volumes of both contracts decreased, and the open interest of the 2509 contract decreased while that of the 2511 contract increased slightly. The warehouse receipt volume increased by 626 to 13,281 [1]. - Spot Market: The price of battery - grade lithium carbonate was 63,300, up 400 from the previous day, and the price of industrial - grade lithium carbonate was 61,700, also up 400. The price difference between electric and industrial lithium carbonate was 1,600 [1]. - Raw Materials: The price of lithium spodumene concentrate (6%, CIF China) was 666, up 8, and the price of lithium mica (2.0% - 2.5%) was 1,385, up 30 [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 63,219 yuan/ton, up 431 yuan/ton from the previous day. The average price of battery - grade lithium carbonate was 63,300 yuan/ton, up 400 yuan/ton, and the average price of industrial - grade lithium carbonate was 61,700 yuan/ton, up 400 yuan/ton [2]. - Premier African Minerals restarted the operation of the Zulu lithium - tantalum project in Zimbabwe. The project has estimated mineral resources of 526,000 tons of lithium carbonate equivalent and 1,025 tons of tantalum pentoxide. The company aims to supply lithium concentrate to Tianhua New Energy, with a monthly supply of at least 4,000 tons starting from April 2025 [3]. 3.3 Trend Strength - The trend strength of lithium carbonate is 0, indicating a neutral outlook [3].